Bank Nifty Outlook for 05th Aug

 In the previous session : 

Bank Nifty went up by 1012 points before closing higher by 820 points on Wednesday.

Bank Nifty made a new life time high of 37708.75 in this upmove from the lows of 16116.25 made on 24th March

On 04th Aug:

Bank Nifty triggered our long trade and completed all targets and more doing 900 points. 

For 05th Aug :

Sustaining above 36160 enter for 36240 - 36330 - 36600 , SL 36070

Sustaining below 35900 enter for 35820 - 35725 - 35480 , SL 35990

Now for this week :

Bank Nifty has immediate resistance near 34800 - 34930 and sustaining or closing above we can see a further move towards 35295 - 35390 zone

Bank Nifty has immediate support near 34370 - 34230 and sustaining or closing below that we can see a move towards 33875 - 33780 zone

So far this week Bank Nifty made a high of 36219.80 completing all our initial expected targets . Now Bank Nifty has to sustain or close above 36250 for a further move towards 36370 - 36590 where we may see some resistance . 

In the month of July Bank Nifty made a high of 35985.25 and made a low of  34115.20.

As mentioned at the start of the month " Now for the month of August Bank Nifty has to give a consecutive close above 35300 for a further move on the upside . On the downside Bank Nifty has to give a consecutive close below 33870 for a further correction." , and today Bank Nifty has given the first close well above it and we may get a consecutive close too in the coming session.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty has now made a high of 37708.75 on 16th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15606.35  on 31st May 2021 from the lows of 7511 made on 24th March 2020.

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.